In today’s Mobile Home Investing Lesson Podcast episode #20 I’m extremely happy to welcome Michael and Steve to the co-hosting microphones. In this nearly hour-long video podcast we discuss some of Michael and Steve’s 5 mobile home cash-flow deals, transporting homes, partnerships, and the challenges of working with park managers and local handymen. This mobile home investing team lives and invests in the great state of Maine. Like almost all the investors in this podcast series, Michael and Steve are go-getters that ask questions regularly and take action daily. Learn more about what they are doing to grow their business in the video/audio podcast below.
A special “Thank You” to Michael and Steve for opening up their business and sharing vulnerable mistakes that will help us all be more profitable and helpful investors.
Related article: What to expect next month while mobile home investing and selling
Watch Podcast 20 Here
In this show we cover: (Times are provided to fast-forward video if needed.)
- 0:30 Where are you guys located and investing?
- 0:50 How long have you been investing?
- 1:35 How does your partnership work for you both?
- 2:15 When are your busiest hours?
- 3:40 Free Prescreening Tool
- 4:20 How many mobile homes have you moved?
- 4:55 Let’s talk about the mobile home deal you moved?
- 10:55 What other lessons were learned while investing in this particular home?
- 14:15 What are your best handyman tips for newbies?
- 15:40 To what extent do you repair your mobile homes?
- 20:40 Why would you buy such an unattractive mobile home?
- 24:40 Speaking with a mobile home park seller?
- 27:17 Selling homes that need cosmetic repairs
- 30:10 What did you learn when you moved this first manufactured home?
- 33:40 Let’s talk about the numbers on this deal?
- 37:05 What is the average lot rent in your area?
- 37:20 How many parks are you involved within?
- 38:10 What are your thoughts with regards to senior communities?
- 40:50 Does the size of the park matter?
- 41:10 How do you advise approaching the park managers?
- 45:00 How many mobile homes have you sold for cash?
- 45:12 Are you looking forward to tax time?
- 46:50 What’s a great tip when speaking to sellers?
- 52:28 How are your tenant-buyers paying?
New to mobile home investing?
If you are not currently investing in mobile homes locally it can be important to have clarity before starting any new business venture. Real estate investing businesses requires time, sweat, available capital, and daily action to build a safe portfolio of properties and local word-of-mouth business. Before you begin it may be crucial to not only understand what will be required of you on a day to day basis to succeed (the definition of success varies by person), but also understand your local market environment and game plan moving forward with regards to mobile homes. Before starting a mobile home investing business locally this website encourages you to obtain clarity concerning:
- Your location (supply/demand/exit-strategy)?
- Your free time to invest?
- Your capital to get started?
- Your local realistic goals?
- Caring about people?
The above suggestion for you to obtain “clarity” may raise more questions than answers. We are a community of mobile home investors and happy to help if we can whether you are experienced, new, or a non-investor. With that said if you have any follow-up questions or specific concerns moving forward never hesitate to reach out directly or comment below.
Related video: Manufactured home percentages per state
Side Lesson: When investing in states with snowfall, a common sight you will see is a “mobile home roof-over”. The mobile home above has a second roof or roof-over attached to the top of the home. Roof-overs aims to add strength and completely fix any roof/ceiling leaks in older mobile homes with flat roofs or metal roofs around the country.
This roof-over may have been installed one of a few ways:
- Certain companies around the United States produce and deliver mobile home roof-overs in one giant section that is placed directly on top of the exisitng mobile home’s roof.
- Local companies or local handymen will spend a few days building a second roof over the existing mobile home. Permits may likely need to be purchased (at local permit/building department) if applicable.
Pro Tip: As investors, some mobile home roof-overs you come across may not be up to local codes. These roof-overs may only add more stress and weight to the existing frame of the older mobile home. With that said if there does not appear to be any interior ceiling damage inside the home and the roof-over has been in place for many years already there may be little to worry about with regards to current defects and effectiveness. If unsure, an inspector may always be called for a professional’s opinion.
Related article: Guess the mobile home (game)
In conclusion, we hope that this video podcast has been helpful to you in some way. We certainly discuss a number of topics in today’s post compared to our normal one-specific topic per podcast. Remember there will never be a single video or lesson you will learn that will create complete clarity in your mind with any new business or investing niche. Instead it is the consistent asking of questions and getting answers and taking daily action that gets you closer and closer to your business, personal, and financial goals. Take action daily to help others and have a great week.